August Real Estate Update 2020

Calgary real estate sales for July were great.  They even beat last year’s sales volume for July.  However, the previous months were historically low and July’s sales were likely caused by a lot of pent up demand, and although the year to date sales for July are still 15% lower than the previous year, July’s sales volume is still very positive news. 

“There have been improvements relative to the lowest sales levels caused by COVID-19, but it is too early to say things are shifting back to pre-pandemic levels,” said CREB® chief economist Ann-Marie Lurie.

August has had a slow start but that is to be expected with a shortage of buyers due to the rush that just finished as well as a distraction from the long weekend and the recent heatwave. As we head into the end of August and fall, we do expect sales to pick back up. With the announcement of schools reopening in September, there will likely be an influx of people making their real estate choices based on school options.

With the fall market quickly approaching, we recommend sellers come to the market as soon as possible to avoid listing when there is an increase in new inventory.  Use this time to beat the rush to market in September.

Buyers, make informed decisions. It is a buyer’s market so you have the opportunity to be fussy and ensure you’re getting good value for your dollar. With the very low interest rates and the oversupply of the market, there is value to be found.

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For the detailed market statistics from the Calgary Real Estate Board for July 2020 click HERE.  Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn or other areas in the Calgary region.

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